All Forum Posts by: Renee Carter

yes it is far south about 45-50 minutes on 294 maybe less in good traffic and if your a speed demon like me lol but I personally do not flip but have cash buyers that are doing deals in Alsip at the moment.

I'm in the south suburbs and have been doing market research the nicer rental areas are places like Alsip, Midlothian, Blue Island, because houses are not selling that fast (100+ DOM) and they are not appreciating like other places. You can find cheap houses that need a lot of work. There are a lot of pre-foreclosures that you could pick up for cheap if you negotiate while off the market acquire subject to or provide a buyer to the bank.(if it turns into a short sale). Taxes are much higher than in the city, and you can get some 10-14% roi on some rentals if you can purchase at 130,000 or less. Some nicer flipping markets would be Oak Lawn, Oak forest if you can find a good deal.

I understand you like to fix and flip but if you have liquidity why not invest in strategies that will give you that passive income without working so hard? You could sell one of your houses on a contract for deed to someone that wants to become a homeowner that can refinance in two years. That would give you two years of cash flow plus a healthy down payment and a nice chunk at refi. You won't have to worry about landlording. And in the case of default have your contract set up in a way that if the homeowner defaults after a certain time period they are considered as tenants and you can then evict. You would have to consult with an good Re attorney as to what the laws would be to do that in your state. It's just a suggestion. That is only one way you can invest and get passive cash since you already own property outright.

For me I'm starting in my backyard. I live in Chicago il and I got a list for my county. (Cook) its a very large county with 3000 absentee owners. When it comes down to it...it really depends on who you will be wholesaling to (cash buyers) and where they like to buy. Do you have a buyers list? Have you done market research? Knowing where your buyers are buying and at what percentage - repairs can really give you insight as to what you should be offering the seller if its a deal.

Welcome! Natalie Kasak I'm in Midlothian south suburbs. Nice to see more women joining in lol.

It depends on what you are trying to buy but you can definitely use private sellers to leverage your buy and hold strategy. Can you be more specific as to what your trying to accomplish. For example are you trying to buy Sfh with rehab or no rehab and hold for long term or do you plan to refinance your cash out in to a loan? There are a lot of different strategies to do you just have to narrow it down. Wholesaling is very time consuming I would say if you have the time to negotiate the deals your self then do it! But if you want to just get the deal from a wholesaler because you don't have time then pay the premium. Time=money no matter what.

Question: do you have a buyers list? You need to find out what cash buyers are buying at. For Ex is it 60...65...70% of the After repair value minus repairs. You need more information on the house. Please don't rely on zillow for fair market value go to county assessors site and get a baseline from there. Then have a realtor pull all cash sales for the last 6 months and give you comparables. Only then will you know if you have a deal and who can flip it too. Go to county recorder website if your area has online database you can search and see if there is still a mortgage, are they in foreclosure meaning have they been served a notice of default or lis pen dens depending on your state, any liens and who really owns the house. Go to online tax site and see if the taxes are current. That is as preliminary as your going to get before you have to make an offer if its a deal. If you don't know about any of this stuff then you are not ready to make any offers and close deals. I suggest you partner with a local wholesaler in your area first before you dive in.

That makes sense thank you Joel!

Sean Terry has great podcast on what to say to sellers and is free to download on iTunes. But in my experience. You build report by asking them simple yes questions like ...do you have a property at blah blah you wish to sell and they reply yes. Then you ask them one question and shut up and they will tell you all the info you need to know. The question is ask them "why are you selling". They will either tell you a one sentence answer or they will go into a story that reveals why, and how motivated they are. Either way you need to listen. Don't reveal all your business to the sellers you can either say your an investor in the area buying houses or you can say you buy and sell to local investors which is what wholesaling is really. Only disclose to the seller that your an agent when the time is right. If you disclose too fast they think that you are trying to get a listing. Too late and it becomes a problem at closing. But let them know your an agent but you are not acting in that way...you simply want more information for personal investment purposes. Also your final question should be "if I can pay cash and close quick what is the least you could take". Never give an offer first. After that you can request they send you a video of the house or pictures.... going out to every house is very time consuming if sellers are not motivated. Exchange contact information and wait for the pictures before you make your offer.

I appreciate your replying Jon. Thank you so much!!!